Oil spill

Friday, July 16, 2010: With fingers crossed, authorities have reported that the oil leak which has spewed an estimated 184 million gallons of crude from the seabed in the Gulf of Mexico since late April of this year, has been capped. While this serves as a triumphant moment for the residents and locals of affected areas, it represents an altogether different challenge: the financial sector, which has taken quite a bit of negative publicity in the past few years, has found itself with an opportunity to present a message of restoration and repair.

Stephen Perl, CEO of ChinaMart® and PMF Bancorp, made a brief voyage to the coast, to assess the damage, and get a hands-on experience with what costs are being incurred, as a result of the disastrous oil drilling platform blowout.

Stephen Perl, standing at the foreground, speaks to an official about the severity of damage inflicted upon the local community by the BP oil spill.

The result of Perl’s trip was a deepened and renewed concern for the lending community to do their part in rebuilding and restructuring a fragile system that has already been compromised. When asked what he thought of the situation, Perl says “Private bank lenders, such as PMF Bancorp, are needed now more than ever during this crisis. We are financing small to medium-size companies, whereas the larger banks are bogged down with bureaucracy, and their own financial problems.” He added that a new level of responsibility has emerged for this new breed of lenders, and the time is right for real stimulus to take place, that will bolster small and medium-sized businesses who have trouble competing with large corporations. Standing on the beach, looking at the vast expanse of oil-slicked waters, Stephen added “We need to get our economy going again, and we especially need the lenders out there to do their job, and start lending today.”